Blending of Knowledge Management with Industry 4.0: A New Formula for Success!
- Title
- Blending of Knowledge Management with Industry 4.0: A New Formula for Success!
- Creator
- Gowda K.R.; Jaswant S.V.; Kureethara J.V.; Banerjee J.
- Description
- The convergence of Industry 4.0 and knowledge management presents a transformative opportunity for organizations seeking enhanced efficiency and sustainable growth. In the context of organizational processes, the amalgamation of technological advancements and effective knowledge management practices can lead to a reduction in costs and an overall improvement in operational efficiency. Understanding the intricacies of knowledge management procedures is crucial, encompassing the production, transfer, acquisition, storage, and utilization of knowledge resources across the organizational spectrum. The advent of the fourth industrial revolution, commonly referred to as Industry 4.0, has significantly reshaped traditional knowledge management systems. Industry 4.0 introduces the interconnectivity of machines and their autonomous capacity to learn and share data. While both knowledge management and Industry 4.0 offer distinct benefits individually, a strategic approach that combines the strengths of both can unlock new opportunities for efficient business growth and success in the external environment. This article delves into the symbiotic relationship between Industry 4.0 and knowledge management, emphasizing their combined potential. Industry 4.0 generates vast volumes of data, and by leveraging knowledge management, organizations can derive valuable insights to inform decision-making processes. Historical data and best practices, accessible through knowledge management, contribute to process optimization. Integration with Industry 4.0 technologies, such as automation and the Internet of Things, further enhances process efficiency. The marriage of knowledge management and Industry 4.0 extends beyond process optimization to workforce development. Recognizing employees as the building blocks of an organization, this integration enables better management by upgrading knowledge and skills. Consequently, it enhances the overall productivity of the workforce, contributing to organizational success. In the dynamic landscape of globalization, technology, and competition, this chapter serves as a guide for organizations aiming to harness the collective power of knowledge management and Industry 4.0. By exploring their complementary benefits, it seeks to facilitate the informed utilization of these tools for the betterment and sustainability of businesses in the contemporary world. 2024 Scrivener Publishing LLC.
- Source
- Knowledge Management and Industry Revolution 4.0, pp. 183-195.
- Date
- 2024-01-01
- Publisher
- wiley
- Subject
- industry 4.0; knowledge management; knowledge sharing; Technology
- Coverage
- Gowda K.R., Alliance School of Business, Alliance University, Bangalore, India; Jaswant S.V., School of Business and Management, CHRIST (Deemed to be University), Bangalore, India; Kureethara J.V., School of Business and Management, CHRIST (Deemed to be University), Bangalore, India; Banerjee J., College of Business, City University Ajman, United Arab Emirates
- Rights
- Restricted Access
- Relation
- ISBN: 978-139424264-1; 978-139424261-0
- Format
- Online
- Language
- English
- Type
- Book chapter
Collection
Citation
Gowda K.R.; Jaswant S.V.; Kureethara J.V.; Banerjee J., “Blending of Knowledge Management with Industry 4.0: A New Formula for Success!,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 23, 2025, https://archives.christuniversity.in/items/show/17958.